Russian ag minister sees no need for wheat export duty, for now

Moscow | Reuters — Russia’s agriculture minister sees no reason for now to introduce an export duty on wheat and is not considering one, he was quoted as saying by RIA news agency on Tuesday.

A meeting at the agriculture ministry on Friday fuelled speculation among traders that Russia could consider grain export curbs once exports reach 30 million tonnes in the 2018-19 marketing season that began on July 1. The ministry denied export limits were discussed.

Russian exporters may step up grain shipments in the next few months in anticipation the government could put curbs on exports sometime after December, traders said on Monday.

Earlier on Tuesday, the agriculture ministry said it had upgraded its forecast for the country’s 2018 grain crop to 100-105 million tonnes from a previously expected 100 million tonnes.

That would be lower than a record harvest of 135 million tonnes of grain in 2017, but still large compared with the average of recent years.

“Despite unfavourable weather conditions, the crop will be higher than the average level of the last 10 years,” Patrushev said in a statement.

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“We currently expect the crop at up to 105 million tonnes. Such a result would allow the country to fully cover its needs in grain and also to send a significant amount of grains for export,” he added.

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